Fun

Over $1B wiped out in crypto liquidations as global markets suffer

News Feed - 2024-08-05 08:08:52

Arijit Sarkar12 hours agoOver $1B wiped out in crypto liquidations as global markets sufferCrypto traders faced significant losses as major cryptocurrencies, including Bitcoin and Ether, experienced a sharp decline, resulting in over $1 billion in liquidations.4090 Total views14 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onCrypto investors and traders lost approximately $1.08 billion in total liquidations amid uncontrolled falling prices of prominent cryptocurrencies, including Bitcoin, Ether and Solana.


On Aug. 5, crypto market prices saw a significant decline owing to the weakening global economy, which was catalyzed further by the sudden crash of Japan’s stock market. In the process, nearly 300,000 crypto traders were liquidated from their leveraged positions or collateral trades, according to data from Coinglass.A heatmap of cryptocurrency liquidations over the past 24 hours. Source: Coinglass


Amid the ongoing bear market, the prices of the most popular cryptocurrencies depreciated, with Bitcoin (BTC) and Ether (ETH) falling by over 10% and 20%, respectively. As a result, crypto traders anticipating a prolonged bull run lost their positions in the bloodbath.


As Bitcoin prices crashed from around $65,000 to the $50,000 mark, traders holding long positions on crypto exchanges lost over $315 million in under 24 hours. On the other hand, shorters lost $62.23 million in the process.


During the same timeline, traders with Ethereum long positions lost a total of $305 million, while traders holding short positions lost more than $50 million.Total crypto liquidations. Source: Coinglass


Long positions across all crypto assets lost over $930 million in 24 hours, while shorters lost $163.45 million. All told, nearly 80% of all traders got rekt in less than 12 hours.


According to Coinglass data, the largest single liquidation order happened on the crypto exchange Huobi, where a trader lost $27 million in the BTC/USD trading pair.Highest liquidations on crypto exchanges over 24 hours. Source: Coinglass


As shown above, most liquidations took place on Binance, the largest crypto exchange by trading volume. Other prominent crypto liquidations were recorded on OKX, Huobi, Bybit and BitMEX, among other exchanges.


Related:Bitcoin dips below $50K: Crypto market crashes 17%


While traders patiently await a comeback of the bull run, hackers found an opportunity for profits amid the bear market.


As Ether lost over 20% of its value — from approximately $2,760 to $2,172 — funds linked to a hack on crypto bridge Nomad in August 2022 were used to buy 16,892 Ether.


Onchain activity showed that hackers bought ETH at low prices and siphoned it through the crypto mixer Tornado Cash to prevent traceability.


Magazine:How crypto bots are ruining crypto — including auto memecoin rug pulls# Bitcoin# Huobi# Ethereum# BitMEX# Cryptocurrency Exchange# Binance# Decentralized Exchange# DeFi# Trading# Bitcoin Trader# Exchanges# OKXAdd reaction

News Feed

Gensokishi Online Project Announces Decision to List MV Token on KuCoin and Campaign
Gensokishi Online Project Announces Decision to List MV Token on KuCoin and Campaign press release PRESS RELEASE. GensoKishiare excited to announce that $MV ( MV(Polygon)/USDT tradi
Famed Economist Speaks: ‘US Coronavirus Bailout Scam,’ American Imperialism, De-Dollarization
Famed Economist Speaks: "US Coronavirus Bailout Scam," American Imperialism, De-DollarizationDuring the last few weeks, the world has been dealing with the coronavirus outbreak. The
Tom Blackstone2 hours agoCanada’s regulatory clarity is bringing institutions to crypto — WonderFi CEODean Skurka stated that although regulations have increased costs, they have also led to greater interest in crypt
DeFi bull market confounds expectations with RWAs and ‘recursive airdrops’
Robert D. Knight10 hours agoDeFi bull market confounds expectations with RWAs and ‘recursive airdrops’Industry figures assess the state of decentralized finance in 2024 and whether it is developing as expected.641 To
Ezra Reguerra12 hours agoElon Musk accuses Mark Zuckerberg of cheating: Twitter vs. ThreadsTwitter lawyer Alex Spiro sent a letter to Meta CEO Mark Zuckerberg threatening legal action against the company’s “copycat
Savannah Fortis20 minutes agoCZ cites Star Trek to Binance staff: ‘l need everyone to continue performing admirably’Former Binance CEO CZ sent a letter to employees after he stepped down, assuring employees the compa
‘Ecstasy Kingpin’ From Brockton Forfeits $2.3M in Bitcoin to Massachusetts Law Enforcement
‘Ecstasy Kingpin’ From Brockton Forfeits $2.3M in Bitcoin to Massachusetts Law Enforcement A man from Brockton, Massachusetts was sentenced to eight years in prison and forced
Luna Foundation to Lend $1.5 Billion in Bitcoin and UST to Market Makers — Plan Aims to Protect Stablecoin’s $1 Parity
Luna Foundation to Lend $1.5 Billion in Bitcoin and UST to Market Makers — Plan Aims to Protect Stablecoin"s $1 Parity As crypto markets continue to slide in value, concerns abou
Mad Money’s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges
Mad Money"s Jim Cramer Apologizes for Being Wrong About Facebook Parent Meta After Stock Plunges The host of Mad Money, Jim Cramer, has apologized to investors for being wrong abou
Tom Mitchelhill10 hours agoSEC sues Kraken alleging it’s an unregistered exchange, mixes user fundsThe SEC alleged Kraken operated as an unregistered exchange, broker, dealer and clearing agency, adding that it comming
20 More Block Rewards from 2010 Spent Today— Why Are Decade-Old Bitcoins Waking Up?
20 More Block Rewards from 2010 Spent Today— Why Are Decade-Old Bitcoins Waking Up? Following the 21 coinbase rewards from 2010 spent on November 7, another lo
Bitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires Him
Bitcoin.org Maintainer Calls for the Removal of Cobra, Website Owner Then Fires HimThe infamous and controversial owner of the website bitcoin.org, Cobra, is under fire recently and